Prudential Vietnam’s profit up 8-fold to $155 mln in 2022

Life insurer Prudential Vietnam recorded an after-tax profit of VND3.64 trillion ($155 million) in 2022, a 7.7-fold increase year-on-year, according to the firm’s report.

The insurer, under the UK-headquartered Prudential plc, made a revenue of VND34.61 trillion ($1.48 billion) last year, down 11.6% year-on-year. Of this, VND30.56 trillion ($1.3 billion) came from insurance, up 8.1%.

Last year, Prudential Vietnam, among the biggest players in the country, paid insurance indemnification of VND9.6 trillion ($409.47 million), or 25% of the total figure of all life insurers in Vietnam.

Prudential Vietnam’s total assets increased 9.2% year-on-year to VND161.75 trillion ($6.9 billion) last year, while its equity grew 23.12% to VND19.37 trillion ($826.19 million).

In terms of insurance premium, Prudential ranked first among all foreign players in Vietnam last year, followed by Manulife, Dai-ichi Life, and AIA, according to reports of these companies.

Insurance premiums in Vietnam grew 6.8% year-on-year to VND59.46 trillion ($2.53 billion) in the first quarter of this year, according to the General Statistics Office. Of this, the figure for life insurance increased slightly by 3.1% year-on-year to VND39.59 trillion ($1.69 billion), versus growth of 15% in Q1/2022.

Manulife Vietnam, also a top life insurer in the country, made a post-tax profit of VND2.56 trillion ($109.26 million) in 2022, in contrast to a loss of VND4.74 trillion ($202.2 million) in 2021.

Dai-ichi Life Vietnam, another big player in the sector, reaped a post-tax profit of VND2.5 trillion ($106.51 million) in 2022 on a revenue of VND24.46 trillion ($1.04 billion).